Housing data for June shows pending sales increased 16.4 percent statewide. The report from the Metropolitan Indianapolis Board of Realtors and the Indiana Association of Realtors also indicates the median sales price rose 1.4 percent. IAR Chief Executive Officer Karl Berron says "pending sales are a good measure of confidence."

INDIANAPOLIS – In the first half of 2011, decreased housing activity and stable prices defined the central Indiana market. Housing data released today for June 2011 provided a brighter picture for the future, including increased prices and an abundant number of pending sales. This is according to data in a jointly released report from the Metropolitan Indianapolis Board of REALTORS® (MIBOR) and the Indiana Association of REALTORS® (IAR).

In central Indiana, the average sales price of homes increased by 1.1 percent to $150,797 during the first six months of 2011 when compared to January-June 2010. Average sales price also rose in the three month comparison by 2.2 percent to $156,999 and by 2.9 percent in the one month comparison to $164,190. Median sales price during January through June 2011 experienced a drop of 1 percent to $120,788. April through June 2011 median sales prices held steady, while June-only numbers increased 4 percent to $129,999.

The number of closed sales in central Indiana decreased by 12.7 percent in the first half of 2011. Closed sales for June show a smaller, 6.3 percent decrease.

The surprise number comes in the form of pending sales, while down for the year, up 19 percent for the month of June. Pending sales reflect signed purchase agreements that have yet to close. The robust number bodes well for more closed sales in the coming months.

Statewide, when comparing June 2011 to June 2010:

The median sales price increased 1.4 percent to $119,900

Pending sales increased 16.4 percent

“During the last six months, the recovery of the housing market has been slow and steady – not dramatic or flashy,” said Dave Goff, 2011 MIBOR president. “This month, however, has painted an encouraging picture for the remainder of the year. Interest rates are down nationally and local pending sales have climbed drastically, providing a positive outlook.”

IAR CEO Karl Berron agreed. “Pending sales are a good measure of confidence. A full recovery lies with jobs, available financing for qualified buyers and less foreclosure inventory. It’s all part of the mix.”

Additional key central Indiana findings for January through June 2011:

New listings decreased by 15.2 percent during the six month comparison.

Months of supply increased to 9.8 months during the first half of 2011.

Total active listings fell by 1.6 percent

The attached data will tell consumers how the central Indiana housing market is performing according to eight different indicators. Each indicator will have one-, three-, six- and 12-month comparisons, as well as a historical look. Consumers will also have access to specific county information for the 13 counties included in MIBOR’s Broker Listing Cooperative® (BLC®): Boone, Brown, Decatur, Hamilton, Hancock, Hendricks, Johnson, Madison, Marion, Montgomery, Morgan, Putnam and Shelby counties.

IAR’s report, found online under the Reports tab of www.IndianaIsHome.com, will show consumers the state of Indiana’s housing market according to the same indicators with one-month and year-to-date comparisons, as well as a historical look. Consumers will also have access to specific county information for 91 of Indiana’s 92 counties in a sortable table format.

This information has been provided by MIBOR. MIBOR is the professional association representing central Indiana's REALTORS®. MIBOR serves the needs of more than 6,500 members in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Montgomery, Morgan and Shelby counties. MIBOR also supplies the BLC® listing service to REALTORS® in Decatur, Madison and Putnam counties.

IAR represents approximately 16,000 REALTORS® who are involved in virtually all aspects related to the sale, purchase, exchange or lease of real property in Indiana. The term REALTOR® is a registered mark that identifies a real estate professional who is a member of the world’s largest trade association, the National Association of REALTORS®, and subscribes to its strict Code of Ethics.

Source: MIBOR &  InsideINdianaBusiness.com Report http://www.insideindianabusiness.com/newsitem.asp?ID=48881